SIBS reinforces bet on startups ecossystem

SIBS reinforces bet on startups ecossystem

The success achieved in the first edition of the program encouraged SIBS to reinforce its commitment on startups ecosystem. SIBS PAYFORWARD, Portugal’s first payment and Fintech acceleration program, has evolved and is now a two-track innovation project: the PAYFORWARD ACCELERATOR, which enters on its second edition, and PAYFORWARD OPENTRACK, a scouting program to boost Fintech.

Through this continuous innovation support strategy – PAYFORWARD OPENTRACK – SIBS aims to give a bigger contribution and dynamism to the changes in the payment and Fintech sector, investing in the tracking of startups focused on the development of technological solutions that can create new experiences and the baseline for a more modern and sustainable future. This new front of the program is dedicated to startups in an early stage of development and will run in continuous and parallel with the acceleration front. It may result in a wide range of scouting and investment models.

The acceleration front of the program – PAYFORWARD ACCELERATOR – starts a new edition on October 2nd and intends to select startups with business & consumer solutions in Open Baking context, that can incorporate the development of the platform that is being implemented by SIBS. Applications are open for startups with a stable functional prototype and customer base. Through this accelerator, startups will be able to be part of the largest Open Banking ecosystem in Portugal, a new SIBS service to meet the challenges resulting from European regulation that comes into force in January 2018 (PSD 2).

The concept of Open Banking comes from an European directive to be applied next year, which provides API that allow new players, such as Fintech or financial institutions, to access bank account data or start payments. In Portugal, SIBS is working along with the main Banks to provide an “Open Banking API” platform with multiple benefits: 1) for financial institutions, which can enhance added value services; 2) for new players who can contribute to the development of those services and 3) for consumers who thus benefit from more convenient and innovative services, with all SIBS security.

From the previous edition, which received more than a 100 applications from more than 30 different countries and several areas of activity, SIBS PAYFORWARD selected four startups with which it is establishing collaboration models: Paythunder and SnapSwap, from payments area; Quotanda, from personal finance and bank account management and Datasine, related to the consumer behavior.
“SIBS wants to continue to collaborate and support other Fintech. The launch of an innovative accelerator and the first one in payments area to be done in Portugal, allowed us to evolve as an organization, to be even more disruptive in terms of innovation and to develop more effective collaboration models with this new ecosystem of organizations and entrepreneurs. We realized that SIBS PAYFORWARD should grow and evolve in order to support and follow more startups, and to have a more flexible parallel path that allows us to do this tracking earlier. This is why, in addition to the acceleration program that starts in October, we launch a new front of SIBS innovation program that intends to support early startups, by investing and monitoring disruptive projects that can bring added value to the market”, says Madalena Cascais Tomé, CEO of SIBS.

SIBS PAYFORWARD will be present at the 27th Digital Business Congress, promoted by APDC, on September 28th, at the panel dedicated to startups, to announce the acceleration program, make the status of the previous edition and present some new features.